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Earnings release · 8-K Exhibit 99

GE Vernova · Earnings release · 8-K Exhibit 99

GEV · Industrials

Filed 2025-10-22 · CY2025 Q4 · Company’s FY2025 Q4 · 4,913 words

Read the original on sec.gov ↗

Palanor summary

GE Vernova reported third quarter 2025 revenue of $10.0 billion, up 12% year-over-year, with orders increasing 55% organically to $14.6 billion. Adjusted EBITDA margin expanded to 8.1%, and free cash flow was $0.7 billion. The company reaffirmed its 2025 guidance, expecting revenue to trend toward the higher end of $36-$37 billion. Backlog grew $6.6 billion sequentially, driven by Power and Electrification equipment. The firm returned $0.7 billion to shareholders via share repurchases.

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EX-992gevpressrelease3q25.htmEX-99 GEV Press Release 3Q'25

1 Defined as remaining performance obligation (RPO)

*Non-GAAP Financial Measure

Page 1

GE Vernova reports third quarter 2025 financial results and reaffirms guidance

Strong 3Q'25 results with robust orders and backlog, continued margin expansion and positive free cash flow

Third Quarter 2025 Highlights:

•T1Orders of $14.6B, +55% organically, led by equipment at Power and Electrification

•T2Backlog1 growth of $6.6B sequentially from equipment and services

•Gas Power equipment backlog and slot reservation agreements grew from 55 to 62 GW

•Revenue of $10.0B, +12%, +10% organically*, with growth in both equipment and services

•Net income of $0.5B; net income margin of 4.5%

•Adjusted EBITDA* of $0.8B and T3adjusted EBITDA margin* of 8.1%

•Cash from operating activities of $1.0B; free cash flow* of $0.7B

•$7.9B cash balance; $2.4B in capital returned to shareholders year-to-date

CAMBRIDGE, Mass., (October 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to

accelerate the energy transition, today reported financial results for the third quarter ending September 30, 2025.

“GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the

demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date. Our

Gas Power equipment backlog and slot reservation agreements increased from 55 to 62 gigawatts sequentially, and our

Electrification equipment backlog increased $6.5 billion year-to-date, to approximately $26 billion,” said GE Vernova CEO

Scott Strazik. “We are leading from a position of strength and are focused on long-term growth and returns. This era of

increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the

solutions required to help the world electrify to thrive and decarbonize.”

In the third quarter, orders of $14.6 billion increased +55% organically, driven by robust equipment growth at Power and

Electrification, with continued services growth. Revenue of $10.0 billion was up +12%, +10% organically*, led by equipment

at Electrification and Power, as well as services at Power, more than offsetting lower Wind equipment. Margins expanded

significantly, with growth in all segments. Free cash flow* remained positive and was down year-over-year as strong

adjusted EBITDA* was offset by lower positive working capital benefits and higher capex investments.

Power

•Orders of $7.8 billion increased +50% organically and revenues of $4.8 billion increased +15%, +14% organically*, led

by Gas Power. Segment EBITDA margin grew +140 basis points, +120 basis points organically*.

•Signed just over 12 gigawatts (GW) of new gas equipment contracts including 12 GW of slot reservation agreements

and 1 GW of orders. Converted 7 GW of existing slot reservation agreements to orders and shipped 4 GW of equipment;

resulting in backlog growth from 29 to 33 GW and an increase in slot reservation agreements from 25 to 29 GW.

Wind

•Orders of $1.8 billion increased 4% organically, driven by higher Onshore Wind services, which more than offset lower

Onshore Wind equipment. Revenues of $2.6 billion decreased (8)%, (9)% organically*, primarily due to the

nonrecurrence of the settlement of a previously canceled Offshore Wind project in the third quarter of 2024. Segment

EBITDA losses improved and EBITDA margin increased +870 basis points, +1,070 basis points organically*.

•Secured 0.3 GW of Onshore Wind repowering orders, with 0.6 GW booked year-to-date.

Electrification

•Orders of $5.1 billion increased +102% organically, with continued strong demand for grid equipment. Revenues of $2.6

billion increased +35%, +32% organically*, driven by volume and price. Segment EBITDA margin grew +470 basis

points, +550 basis points organically*.

•Experienced strong customer demand for grid equipment in the Middle East, North America, and Europe; secured $1.6

billion of orders for synchronous condensers in Saudi Arabia.

Page 2

Company Updates:

In the third quarter of 2025, GE Vernova:

•Experienced one fatality in a motor vehicle accident; safety remains a top priority.

•T4Repurchased approximately 1.1 million shares for $0.7 billion, with a total of 6.3 million shares repurchased year-to-date

through September 30, 2025 at an average price of $357.

•Paid a $0.25 per share quarterly dividend; on September 25, declared a $0.25 per share fourth quarter dividend,

payable on November 17, 2025 to stockholders of record as of October 20, 2025.

•Announced an agreement to sell its Proficy® manufacturing software business to TPG for $0.6 billion; the transaction is

expected to close in the first half of 2026.

•T5Completed the acquisition of Alteia SAS, further strengthening GE Vernova’s AI capabilities and GridOS platform.

•Monetized 3% ownership stake in China XD Electric Co Ltd., resulting in approximately $0.1 billion of pre-tax proceeds.

•T6Invested $0.2 billion in capital expenditures, including initiatives to expand capacity in Power and Electrification, as part

of its commitment to invest $4 billion in capex through 2028.

•Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition

technologies, as part of its commitment to invest $5 billion in R&D through 2028.

In October, GE Vernova announced that it will acquire the remaining fifty percent stake of Prolec GE, its joint venture with

Xignux, for $5.275 billion. The transaction strengthens the company's position as a global grid equipment leader and is

expected to close by mid-2026, subject to regulatory approvals.

"We delivered another strong quarter as we executed our financial strategy, with continued orders and revenue growth,

significant margin expansion, and positive free cash flow. We expanded our backlog year-over-year and sequentially across

equipment and services, with healthy equipment margin in backlog reflecting favorable price and our focus on disciplined

underwriting,” said GE Vernova CFO Ken Parks. “As a result of our improving free cash flow linearity, we continued to return

cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a healthy

cash balance and solid investment grade balance sheet. We’re reaffirming our 2025 financial guidance, and we look forward

to providing our 2026 financial guidance and updated outlook by 2028 at our investor event on December 9.”

2025 Guidance:

GE Vernova is reaffirming its 2025 financial guidance and expects G1revenue to trend towards the higher end of $36-$37

billion, G2adjusted EBITDA margin* of 8%-9%, and G3free cash flow* of $3.0-$3.5 billion. Segment guidance is:

•G4G5Power: 6%-7% organic revenue* growth and 14%-15% segment EBITDA margin.

•T7Wind: Organic revenue* down high-single digits, compared to prior expectations of down mid-single digits, and

G6~$400 million of segment EBITDA losses, changed from $200-400 million of segment EBITDA losses, trending

towards the bottom of the range.

•G7Electrification: trending towards 25% organic revenue* growth, up from prior expectations of approximately 20%,

and G814%-15% segment EBITDA margin, raising the lower end of prior expectations of 13-15%.

T8The guidance includes the impact of tariffs as currently outlined and resulting inflation, which is estimated to be trending

toward the lower end of approximately $300-$400 million, net of mitigating actions.

Total Company Results

Three months ended September 30

Nine months ended September 30

(Dollars in millions, except per share)

2025

2024

Year-on-

Year

2025

2024

Year-on-

Year

GAAP Metrics

Total revenues

$9,969

$8,913

12%

$27,112

$24,376

11%

Net income (loss)

$453

$(99)

$552

$1,209

$1,075

$134

Net income (loss) margin

4.5%

(1.1)%

560 bps

4.5%

4.4%

10 bps

Diluted EPS(a)

$1.64

$(0.35)

F

$4.41

$3.85

15%

Cash from (used for) operating activities

$980

$1,127

$(147)

$2,508

$1,662

$846

Non-GAAP Metrics

Organic revenues

$9,826

$8,902

10%

$27,031

$24,053

12%

Adjusted EBITDA

$811

$243

$569

$2,038

$957

$1,082

Adjusted EBITDA margin

8.1%

2.7%

540 bps

7.5%

3.9%

360 bps

Adjusted organic EBITDA margin

8.5%

2.5%

600 bps

7.4%

4.5%

290 bps

Free cash flow

$732

$968

$(236)

$1,902

$1,129

$773

(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that

were issued upon our separation from General Electric Company (GE) and excludes Net loss (income) attributable to noncontrolling

interests. For periods prior to April 1, 2024, the Company participated in various GE stock-based compensation plans, and there were no

dilutive equity instruments as there were no equity awards of GE Vernova outstanding.

*Non-GAAP Financial Measure

Page 3

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant

comparisons of financial results.

Power

Three months ended September 30

Nine months ended September 30

(Dollars in millions)

2025

2024

Year-on-Year

2025

2024

Year-on-Year

Orders

$7,807

$5,202

50%

$21,142

$15,206

39%

Revenues

$4,838

$4,206

15%

$14,019

$12,696

10%

Cost of revenues(a)

$3,663

$3,186

$10,482

$9,638

Selling, general, and administrative expenses(a)

$436

$479

$1,339

$1,486

Research and development expenses(a)

$139

$91

$371

$257

Other segment (income)/expenses(b)

$(45)

$(50)

$(104)

$(142)

Segment EBITDA

$645

$499

$146

$1,931

$1,457

$474

Segment EBITDA margin

13.3%

11.9%

140 bps

13.8%

11.5%

230 bps

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Third Quarter 2025 Performance:

Orders of $7.8 billion increased +50% organically, led by Gas Power equipment more than doubling due to higher volume

and pricing, with 20 heavy-duty units, including 13 HA turbines. Revenues of $4.8 billion increased +15%, +14%

organically*, led by Gas Power, with increased heavy-duty gas turbine deliveries, project commissioning, higher services

volume, and favorable price. Segment EBITDA was $0.6 billion and segment EBITDA margin was 13.3%, up +140 basis

points, +120 basis points organically*, primarily driven by continued strength at Gas Power, with higher price and increased

productivity offsetting additional expenses to support capacity investments at Gas Power, R&D at Nuclear Power, and

inflation.

Wind

Three months ended September 30

Nine months ended September 30

(Dollars in millions)

2025

2024

Year-on-Year

2025

2024

Year-on-Year

Orders

$1,833

$1,747

5%

$4,535

$5,057

(10)%

Revenues

$2,647

$2,891

(8)%

$6,742

$6,592

2%

Cost of revenues(a)

$2,532

$2,998

$6,598

$6,583

Selling, general, and administrative expenses(a)

$118

$138

$393

$430

Research and development expenses(a)

$43

$59

$117

$180

Other segment (income)/expenses(b)

$16

$13

$8

$6

Segment EBITDA

$(61)

$(317)

$256

$(373)

$(607)

$234

Segment EBITDA margin

(2.3)%

(11.0)%

870 bps

(5.5)%

(9.2)%

370 bps

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Third Quarter 2025 Performance:

Orders of $1.8 billion increased 4% organically, driven by higher Onshore Wind services, which more than offset lower

Onshore Wind equipment orders. Revenues of $2.6 billion decreased (8)%, (9)% organically*, due to the nonrecurrence of

$0.5 billion on the settlement of a previously canceled Offshore Wind project as well as charges for the impact of blade

events, both in the third quarter of 2024, partially offset by higher Offshore Wind deliveries and increased Onshore Wind

services. Segment EBITDA was $(0.1) billion and segment EBITDA margin was (2.3)%, up +870 basis points, +1,070 basis

points organically*, driven by Onshore Wind equipment profitability, price, and productivity, partially offset by the impact of

tariffs, and lower contract losses at Offshore Wind, partially offset by the nonrecurrence of a gain recorded on the prior year

settlement of the previously canceled project.

*Non-GAAP Financial Measure

Page 4

Electrification

Three months ended September 30

Nine months ended September 30

(Dollars in millions)

2025

2024

Year-on-Year

2025

2024

Year-on-Year

Orders

$5,110

$2,510

104%

$11,841

$10,904

9%

Revenues

$2,601

$1,928

35%

$6,682

$5,369

24%

Cost of revenues(a)

$1,824

$1,362

$4,626

$3,820

Selling, general, and administrative expenses(a)

$336

$328

$1,000

$973

Research and development expenses(a)

$115

$84

$308

$259

Other segment (income)/expenses(b)

$(67)

$(47)

$(181)

$(79)

Segment EBITDA

$393

$201

$193

$929

$396

$533

Segment EBITDA margin

15.1%

10.4%

470 bps

13.9%

7.4%

650 bps

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Third Quarter 2025 Performance:

Orders of $5.1 billion increased +102% organically, with continued strong demand for grid equipment in the Middle East,

North America, and Europe. Revenues of $2.6 billion grew +35%, +32% organically*, driven by Grid Solutions, due to HVDC

and switchgear growth, as well as Power Conversion and Storage, due to battery energy storage solutions. Segment

EBITDA was $0.4 billion and segment EBITDA margin was 15.1%, up +470 basis points, +550 basis points organically*, due

to volume, productivity, and price, primarily at Grid Solutions.

*Non-GAAP Financial Measure

Page 5

Non-GAAP Financial Measures

The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our

liquidity that we believe help investors understand our financial condition and operating results and assess our future

prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP

financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of

or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP

financial measures provide investors greater transparency to the information used by management for its operational

decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing

this information assists our investors in understanding our operating performance and the methodology used by

management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these non-

GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by

management as one basis for financial, operational, and planning decisions. Finally, these measures are often used by

analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated

differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their

comparability from company to company. In order to compensate for these and the other limitations discussed below,

management does not consider these measures in isolation from or as alternatives to the comparable financial measures

determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any

single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the

reconciliations to their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are

presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and

rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from

the underlying numbers in millions.

We believe the organic measures presented below provide management and investors with a more complete understanding

of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions,

dispositions, and foreign currency, which includes translational and transactional impacts, as these activities can obscure

underlying trends.

Page 6

ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)

Revenue(a)

Segment EBITDA

Segment EBITDA margin

For the three months ended September 30

2025

2024

V%

2025

2024

V%

2025

2024

V bps

Power (GAAP)

$4,838

$4,206

15%

$645

$499

29%

13.3%

11.9%

140bps

Less: Acquisitions

—

—

2

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

49

3

47

29

Power organic (Non-GAAP)

$4,789

$4,204

14%

$596

$470

27%

12.4%

11.2%

120bps

Wind (GAAP)

$2,647

$2,891

(8)%

$(61)

$(317)

81%

(2.3)%

(11.0)%

870 bps

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

29

2

(59)

(7)

Wind organic (Non-GAAP)

$2,619

$2,888

(9)%

$(2)

$(311)

99%

(0.1)%

(10.8)%

1,070bps

Electrification (GAAP)

$2,601

$1,928

35%

$393

$201

96%

15.1%

10.4%

470bps

Less: Acquisitions

2

—

(3)

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

62

6

(3)

4

Electrification organic (Non-GAAP)

$2,537

$1,922

32%

$399

$197

F

15.7%

10.2%

550bps

(a) Includes intersegment sales of $130 million and $120 million for the three months ended September 30, 2025 and 2024, respectively.

Revenue(a)

Segment EBITDA

Segment EBITDA margin

For the nine months ended September 30

2025

2024

V%

2025

2024

V%

2025

2024

V bps

Power (GAAP)

$14,019

$12,696

10%

$1,931

$1,457

33%

13.8%

11.5%

230bps

Less: Acquisitions

—

—

4

—

Less: Business dispositions

—

308

—

(41)

Less: Foreign currency effect

49

8

100

(31)

Power organic (Non-GAAP)

$13,969

$12,380

13%

$1,827

$1,529

19%

13.1%

12.4%

70bps

Wind (GAAP)

$6,742

$6,592

2%

$(373)

$(607)

39%

(5.5)%

(9.2)%

370bps

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

(15)

(7)

(72)

(41)

Wind organic (Non-GAAP)

$6,757

$6,599

2%

$(301)

$(566)

47%

(4.5)%

(8.6)%

410bps

Electrification (GAAP)

$6,682

$5,369

24%

$929

$396

F

13.9%

7.4%

650bps

Less: Acquisitions

4

—

(4)

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

42

14

8

—

Electrification organic (Non-GAAP)

$6,636

$5,356

24%

$924

$396

F

13.9%

7.4%

650bps

(a) Includes intersegment sales $361 million and $317 million for the nine months ended September 30, 2025 and 2024, respectively.

2025 Guidance: Power and Electrification organic revenue*

We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding

GAAP financial measure of Power and Electrification organic revenue* in the 2025 guidance without unreasonable effort due to the

uncertainty of foreign exchange rates.

*Non-GAAP Financial Measure

Page 7

Three months ended September 30

Nine months ended September 30

ORGANIC REVENUES (NON-GAAP)

2025

2024

V%

2025

2024

V%

Total revenues (GAAP)

$9,969

$8,913

12%

$27,112

$24,376

11%

Less: Acquisitions

2

—

4

—

Less: Business dispositions

—

—

—

308

Less: Foreign currency effect

140

11

77

15

Organic revenues (Non-GAAP)

$9,826

$8,902

10%

$27,031

$24,053

12%

Three months ended September 30

Nine months ended September 30

EQUIPMENT AND SERVICES ORGANIC

REVENUES (NON-GAAP)

2025

2024

V%

2025

2024

V%

Total equipment revenues (GAAP)

$5,880

$5,290

11%

$14,971

$13,101

14%

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

171

Less: Foreign currency effect

88

8

25

7

Equipment organic revenues (Non-GAAP)

$5,792

$5,282

10%

$14,946

$12,923

16%

Total services revenues (GAAP)

$4,089

$3,623

13%

$12,141

$11,276

8%

Less: Acquisitions

2

—

4

—

Less: Business dispositions

—

—

—

138

Less: Foreign currency effect

52

3

52

8

Services organic revenues (Non-GAAP)

$4,034

$3,620

11%

$12,086

$11,129

9%

We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash

items that are not closely associated with ongoing operations provide management and investors with meaningful measures of our

performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying

profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with,

when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results

and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which

includes translational and transactional impacts, as these activities can obscure underlying trends.

We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted

EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as

inferring that our future results will be unaffected by the items for which the measures adjust.

2025 Guidance: Adjusted EBITDA margin*

We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding

GAAP financial measure of Adjusted EBITDA margin* in the 2025 guidance without unreasonable effort due to the uncertainty of foreign

exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization.

*Non-GAAP Financial Measure

Page 8

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-

GAAP)

Three months ended September 30

Nine months ended September 30

2025

2024

V%

2025

2024

V%

Net income (loss) (GAAP)

$453

$(99)

F

$1,209

$1,075

12%

Add: Restructuring and other charges

83

209

192

419

Add: (Gains) losses on purchases and sales of business interests(a)

(113)

—

(131)

(842)

Add: Separation costs (benefits)(b)

43

27

122

(64)

Add: Arbitration refund(c)

—

—

—

(254)

Add: Non-operating benefit income

(115)

(130)

(340)

(399)

Add: Depreciation and amortization(d)

212

289

617

734

Add: Interest and other financial (income) charges – net(e)(f)

(44)

(35)

(141)

(93)

Add: Provision (benefit) for income taxes(f)

292

(17)

510

380

Adjusted EBITDA (Non-GAAP)

$811

$243

F

$2,038

$957

F

Net income (loss) margin (GAAP)

4.5%

(1.1)%

560 bps

4.5%

4.4%

10 bps

Adjusted EBITDA margin (Non-GAAP)

8.1%

2.7%

540bps

7.5%

3.9%

360bps

(a) Includes unrealized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income

(loss) which is part of Other income (expense) - net.

(b) Costs incurred in the Spin-Off and separation from GE, including system implementations, advisory fees, one-time stock option grant,

and other one-time costs. In addition, 2024 includes $136 million benefit related to deferred intercompany profit that was recognized

upon GE retaining the renewable energy U.S. tax equity investments.

(c) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan and excludes $52 million

related to the interest on such amounts that was recorded in Interest and other financial charges – net.

(d) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis

differences included in Equity method investment income (loss) which is part of Other income (expense) - net.

(e) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business

operations primarily with customers.

(f) Excludes interest expense (income) of zero and $(1) million and benefit (provision) for income taxes of zero and $6 million for the three

months ended September 30, 2025 and 2024, respectively, as well as excludes interest expense (income) of $(1) million and $11

million and benefit (provision) for income taxes of $(4) million and $70 million for the nine months ended September 30, 2025 and

2024, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an

after-tax basis.

Three months ended September 30

Nine months ended September 30

ADJUSTED ORGANIC EBITDA AND ADJUSTED

ORGANIC EBITDA MARGIN (NON-GAAP)

2025

2024

V%

2025

2024

V%

Adjusted EBITDA (Non-GAAP)

$811

$243

F

$2,038

$957

F

Less: Acquisitions

(1)

—

1

—

Less: Business dispositions

—

—

—

(41)

Less: Foreign currency effect

(21)

16

28

(77)

Adjusted organic EBITDA (Non-GAAP)

$833

$227

F

$2,010

$1,074

87%

Adjusted EBITDA margin (Non-GAAP)

8.1%

2.7%

540bps

7.5%

3.9%

360bps

Adjusted organic EBITDA margin (Non-GAAP)

8.5%

2.5%

600bps

7.4%

4.5%

290bps

We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a

normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations;

however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain

investing and financing activities.

Three months ended September 30

Nine months ended September 30

FREE CASH FLOW (NON-GAAP)

2025

2024

V%

2025

2024

V%

Cash from (used for) operating activities (GAAP)

$980

$1,127

(13)%

$2,508

$1,662

51%

Add: Gross additions to property, plant and equipment and

internal-use software

(247)

(159)

(606)

(533)

Free cash flow (Non-GAAP)

$732

$968

(24)%

$1,902

$1,129

68%

2025 GUIDANCE: FREE CASH FLOW (NON-GAAP)

We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding

GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital

expenditures.

*Non-GAAP Financial Measure

Page 9

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995

and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”,

“expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may,” and negatives or derivatives of these or similar

expressions. These forward-looking statements include, among others, statements about the benefits we expect from our

lean operating model; our expectations regarding the energy transition; the demand for our products and services; our ability

to navigate the current dynamic environment; the estimated impact of tariffs; our expectations of future increased business,

revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to

increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer

orders and projects; our actual and planned investments; our expected cash generation and management; our capital

allocation framework, including share repurchases and dividends; operational safety; our restructuring programs and

strategies to reduce operational costs; and our credit ratings.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently

uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or

achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may

cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:

•Our ability to successfully execute our lean operating model;

•Our ability to innovate and successfully identify and meet customer demands and needs;

•Our ability to successfully compete;

•Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and

products essential to our business;

•Significant disruptions to our manufacturing and production facilities and distribution networks;

•Changes in government policies and priorities that reduce funding and demand for energy equipment and services;

•Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and

sustainability;

•Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on

economic activity;

•Product quality issues or product or safety failures related to our complex and specialized products, solutions, and

services;

•Our ability to obtain required permits, licenses, and registrations;

•Our ability to attract and retain highly qualified personnel;

•Our ability to develop, deploy, and protect our intellectual property rights;

•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic

investments, and other priorities;

•Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures, and

other investments;

•The price, availability, and trading volumes of our common stock;

•Downgrades of our credit ratings or ratings outlooks;

•The amount and timing of our cash flows and earnings;

•Our ability to meet our sustainability goals;

•The impact from cybersecurity or data security incidents;

•Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;

•Natural disasters, weather conditions and events, public health events, or other emergencies;

•Tax law and policy changes;

•Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and

•Other changes in macroeconomic and market conditions and volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our

forward-looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the

year ended December 31, 2024, and in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025,

including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation"

sections included therein, as may be updated from time to time in our SEC filings and as posted on our website at

www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements

except as may be required by law or regulation. This press release also includes certain forward-looking projected financial

information that is based on current estimates and forecasts. Actual results could differ materially.

Page 10

Additional Information

GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE

Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from

time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s

LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.

Additional Financial Information

Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports

and Filings.

Conference Call and Webcast Information

GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The

conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing

financial information can be accessed by visiting the investor section of the website https://www.gevernova.com/investors.

An archived version of the webcast will be available on the website after the call.

About GE Vernova

GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification

segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s

challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while

simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital

to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S.,

with approximately 75,000 employees across approximately 100 countries around the world. Supported by the Company’s

purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable,

and secure energy future. Learn more: GE Vernova and LinkedIn.

Investor Relations Contact:

Michael Lapides

+1.617.674.7568

m.lapides@gevernova.com

Media Contact:

Adam Tucker

+1.518.227.2463

Adam.Tucker@gevernova.com

© 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license.

Mentions · how they’re counted

CategoryUnderlinedWord counterModel’s count
AI

AI, artificial intelligence, generative AI, machine learning, large language model, LLM

112
Layoffs

layoffs, RIF, headcount reduction, workforce optimization, restructuring

4—0
Recession

recession, downturn, contraction, slowdown

000
Tariffs

tariff, trade war, trade barriers, trade restrictions, trade policy

333
Buybacks

share repurchase, buyback program

3—2

Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.

Source: SEC EDGAR · public domain · Highlights by Palanor